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Moral hazard, asset price bubbles, capital flows, and the East Asian crisis : the first tests
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Sarno, Lucio and Taylor, Mark P. (1999) Moral hazard, asset price bubbles, capital flows, and the East Asian crisis : the first tests. Journal of International Money and Finance, 18 (4). pp. 637-657. doi:10.1016/S0261-5606(99)00018-2
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Official URL: http://dx.doi.org/10.1016/S0261-5606(99)00018-2
Abstract
We examine the view that the recent East Asian crisis was precipitated by bursting asset price bubbles, which had been fuelled by strong capital inflows that were largely the result of a moral hazard problem in financial intermediation, and was exacerbated by a vicious cycle of asset price deflation and incipient and actual capital flight. We find evidence of stock market bubbles in all East Asian economies examined, although not in Australia. We examine various categories of capital flows to these countries and find, in particular, relatively high reversible components in portfolio flows to East Asian economies.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
| Journal or Publication Title: | Journal of International Money and Finance | ||||
| Publisher: | Elsevier BV | ||||
| ISSN: | 0261-5606 | ||||
| Official Date: | 1999 | ||||
| Dates: |
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| Volume: | 18 | ||||
| Number: | 4 | ||||
| Page Range: | pp. 637-657 | ||||
| DOI: | 10.1016/S0261-5606(99)00018-2 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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